There is always a cloud over our heads when we think about the specialization we want to do in MBA. At one time or another, we have thought about which specialization will suit me the best.
Questions arise; if I take up this particular specialization will it help me in my future prospects?
I am confused between my multiple interests which specialization should I choose?
I was in a particular field in my job but now I want to explore something new, is it worth it or is it full of risks?
There are many more such questions which linger in the back of our mind. Some people are clear about what they want to do but that is not the case for everyone. There are instances where we choose the wrong specialization because we did not have enough knowledge about it or we have the wrong perception of that particular course or some other reason, be it influential or something else.
Majority of the colleges let the student opt for a specialization in the 2nd year but some colleges like SP Jain ask for it before taking admission in the college. To clear up the confusion, here is information about the specializations, what salary you can expect, what job profiles you can expect and what responsibilities you will follow/ skills you will learn. There are many specializations but for this article, I am going to cover the most opted MBA Specializations i.e. marketing, finance, operations, human resource, and international business.
The salary packages vary as per the colleges, everyone knows that if MBA is done from Tier-I colleges like IIMs, XLRI, FMS etc then the average package for any specialization will be 15+ Lakhs and max can be anything ranging from 30+ Lakhs to 50+ Lakhs or more. Whichever specialization you choose, there will be no problem in placements in Tier-I colleges.
For Tier-II colleges, the average package may fluctuate, mostly starting from 8+ Lakhs going up to a max of 12-13+ Lakhs. Here, you may see one specialization getting some advantage over others; then again before joining any college for a particular specialization, it is advisable to do your own research regarding that.
Tier-III colleges are the most unpredictable, the highest salary package one can get can be around 6-7+ Lakhs and in worst case scenarios, there is no guarantee for placements. This is the reality for all specialization in Tier-III colleges. It is advisable to not join these colleges unless there is no other option left. If a drop can be taken, do join a Tier-I college for better future opportunities.
This specialization is for those who are interested in learning consumer behavior, market behavior, how advertising works, and various marketing aspects which revolve around the sale of a product/service.
This course will teach you how business plans are developed, how to identify strength and weaknesses of a business, how to tackle potential threats to business and how to utilize opportunities. For those who have good communication skills, resource management skills can choose this as their specialization.
Job profiles: Marketing manager, product manager, media planner, brand manager, digital marketing head/manager, sales manager, market research analyst, corporate sales manager.
This specialization has a common perception that it can be only done by someone who has done a degree related to commerce/finance or had a job related to finance, that is completely wrong. Anyone can do this specialization; only thing required is the zeal to learn it. Whether it is an engineer/non-engineer or anyone for that matter, it is a field for those who knack for understanding finance, and how it works. One can get a job in banking sector, and various other financial sectors such as Insurance Industry, Mutual Funds Industry, Stock Exchange, and Financial Consulting etc.
Job Profiles: Corporate Banking, Corporate Finance, Treasury, Risk Management, Asset management, hedge fund equity, derivative structuring.
Majority of engineers opt for operations as a subject for specialization in MBA because it gives them an edge related to product designing, product development, and process optimization but this field can be chosen by anyone, there is no restriction for this course to be only doable by engineers. Anyone who is interested in product management can choose this field. However, it is basically supply chain management and logistics. A person is required to have quick assessment skills to understand the flow of processes in the company so that they flow seamlessly.
Job Profiles: Supply chain manager, logistics manager, inventory control manager, project managers, operations manager.
If you possess good communication skills, have a charismatic personality, and are reliable and confident, and you can probe and understand the psychology of employees and understand their problems and help them grow in the organization then Human Resource is the specialization you can opt for. It can teach you how to be an effective team leader at the beginning mid-management level.
Job Profiles: This does not have varying job profiles, you will be HR Manager but the duties are different as per the organization which can include, recruiting, training, team building, performance updates, employee policy, salary, benefits and increments, employee health and safety, staff amenities, company’s objectives and goals and so on.
Specialization in International Business provides an in-depth understanding required for international operations. This mainly focuses on multinational corporations. It also increases the chances for you to travel around the world and gain a new perspective on different cultures around the globe. This is because you will be required to meet global clients by visiting them if required. If you want to increase your knowledge about the working of organizations around the world with an added benefit of traveling to other countries, this course is apt for you.
Job Profiles: International marketing director, international foreign policy advisor, financial controller, international trade and custom manager, business development director, multinational manager.
There are a lot more MBA specializations but these five are the most opted ones by students. The other specializations like Health Care, Rural, Agri-Business, Information Technology etc are the specializations where the name itself can tell you what it is all about. These specializations boil down to what one is interested in, like any other specialization other than the 5 mentioned in detail, these can be pursued by a graduate in any stream.
So with this article, I hope some of your confusion regarding the Core specializations is cleared. I hope you enjoyed reading this and will consider all the aspects before choosing your specialization.
Thank you! And chase your dreams!